Libra today announced the renaming of Facebook's upcoming encrypted digital currency "Libra" to "Diem" just two days after The Financial Times reported reported on the company's plan to launch the currency early in January 2021.
The new maneuver comes from Facebook, the renaming of the cryptocurrency Libra, which has sparked much controversy and apprehension since it was announced at the end of last year, to Diem in order to obtain official approval for its launch; and to highlight the existing entity as an independent and separate entity from the company.
The digital currency management organization, the Libra Foundation, has been renamed diem; the new currency will be named Diem Dollar, according to the Bloomberg report.
Given the turns and challenges that the Facebook currency has gone through so far, although it has not yet seen the light of day, we can say that data indicating that the order to be formally launched with the approval of the competent bodies is unlikely in the next few years.
Particularly, financial institutions see them as a threat to the dollar and may be an alternative to it in some way.
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